An Israeli developer is placing hundreds of new apartments in Tel Aviv, Herzliya, Ashdod and Haifa into a sealed 72-hour online auction, with prices beginning at NIS 1.9 million, according to a report. The unprecedented sale comes as developers confront more than 85,000 unsold new homes.
An Israeli developer has launched what is described as the first-ever online home auction in Israel, placing hundreds of new apartments in Tel Aviv, Herzliya, Ashdod, and Haifa into a sealed 72-hour bidding process. Prices start at NIS 1.9 million, according to a report by Jewish Breaking News.
The unprecedented sale comes as the housing market faces a significant overhang of unsold inventory, with developers confronting more than 85,000 unsold new homes. The auction format is seen as a new strategy to attract hesitant buyers and stimulate demand.
The Zioneer has previously reported on the cooling housing market, including a 23% drop in Tel Aviv second-hand apartment prices in District 3 and a 7.8% drop in District 4, as well as the launch of pre-pre-sale housing projects in Rishon LeZion. The new online auction represents an innovative approach to clearing inventory in a market where buyer hesitancy has been a growing concern.
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